Friday, July 03, 2020 1:46:53 PM
The number of authorized shares of our Common Stock will be increased by three hundred fifty million (350,000,000) from one billion two hundred million (1,200,000,000) shares to one billion five hundred fifty million (1,550,000,000) shares. The Board of Directors believes that the Authorized Increase is necessary and advisable so that the Company shall have authorized, unissued and unreserved shares to issue for new equity investors and conversion to equity of unpaid contractual obligations to its Chief Executive Officer. The Authorized Increase will not have any immediate effect on the rights of existing stockholders, but may have a dilutive effect on our existing stockholders if additional shares are issued. We are not increasing our authorized shares of Common Stock to construct or enable any anti-takeover defense or mechanism on behalf of the Company.
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